Powerhouse LIC

Where did you hear this? How much are they cutting prices by?

check out streeteasy listing on the powerhouse

i bought in this building..and even if the prices drop between now and the closing, i plan to live in this until the neighborhood gets to the point it will get to eventually (be it 3 years or 5 years or worse case scenario, longer). think about brooklyn even 5 years ago...and look what's happened there. i used to live in fort greene in 2003 before all the condos and all the talk...and that was one of the neighborhoods that experienced the highest percentage of growth in 2005 and now manhattanites know it as a viable neighborhood. plus i'm a native new yorker, a manhattanite myself, it's time i ventured to a new borough before it gets fully discovered by everyone else who will eventually be priced out of brooklyn.

Hi Kam

Which unit did you buy?

When did you buy Kam23? What size? I went to the open house this weekend. I'm looking at 2 and 3 bedrooms. Just concerned about the apparent falling prices. Also, it doesn't seem like they've sold many of the larger units.

i bought a southfacing studio with a home office...757 sf. i was definitely scared of buying right now, given the state of the economy, but it was a life decision for me rather than an investment. if i were an investor, of course i would be a little more cautious but at the price i bought for, close to $700/sf, it was the best deal i've come across in a while. also, i think the price chops happening in the building are for some of the larger units, which were priced at a higher price per square foot. i don't think i would pay more than $850/sf for this building. also i think the southfacing was the safest bet. anyhow, am i getting screwed? tell me what you know.

i signed the contract at the beginning of january. i don't know much but because the markets been relatively slow, you could always try to put in a lower offer and try to get some of the closing costs reduced. new developments typically don't do this but i know other buildings are doing it, so you could always try. give them a number you think it's worth but not too low that you are bottom fishing. if you want it and show them you want it, they should be able to work with you somehow. i would think they would want to sell than have all these apartments sit on the market. and maybe now is better because once spring and summer time comes around, people will start shopping again...and there will be more competition.

Hi Kam

I know a guy whose buying the one facing NYC. Almost 1000 per square feet. I guest its the dam view.

yeah the ones facing nyc - west...may be obstructed in a few years. it will be great for a while but there has been talks for a long time now that the waterfront may get developed...who knows how long that will actually take to happen but one day.

Kam23: Did you get any incentives? ex. they pay your transfer tax or taking a price lower than the offering plan

I just bought one unit there too, close to 750 per sqft. It's a place I'm going to live in and enjoy for the next 5 years so I'm not so worried about the real estate market right now.

One of my friends manage to negotiate the sponsor to pay for the transfer tax. Thats a fact but the agent kept denying this. They claim that their price is non-negotiable. I was wondering if anyone else negotiated the closing cost.

I went to the open house on Sunday and received a voicemail from a mortgage broker from Wells Fargo today. His message said that they were the mortgage brokers associated with the Powerhouse and that they were "running specials" on the Powerhouse. Did anyone else get this call? I tried calling the guy back, but he was gone for the day by the time I did. Curious as to what sort of "specials" they are offering.

The builders or Prudential probably is getting a "kickback" for this in which they are charging you more. Goto your own lender. Probably get a better rate.

kam 23, you'll be my neighbour. which floor did you buy on?

realestate...didn't get anything off the closing costs but the price came down a bit.
karin...email me at realestatekam@gmail.com

Kam23

The price came down from the asking price or the price they had 5 months ago?

Kam23 - price came down b/c of pricechops? or did you negotiate down?

i don't want to say much more but i negotiated down a bit after the price chops...though my particular unit didn't have a price chop. i would say in this market and with the uncertainty and slowdown of sales, it doesn't hurt to try and negotiate. the worst they can do is say no, right?